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ENS tokenholders approve handoff of DAO endowment control to foundation

The approved proposal executes an endowment-safe ownership swap to a timelock with a nine-day delay and leaves key investment and spending paths in place, while the endowment holds about $65 million in ETH and stablecoins.

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ENS tokenholders approved and executed an onchain proposal that restructures the ENS Foundation into a staffed organization, including a full-time executive director and a five-seat board, and grants it control over the DAO endowment, according to The Defiant.

The vote cleared a 1 million-token quorum with 1,269,420 ENS in favor and 480,690 against, then executed early Tuesday. The opposition focused on keys and permissions, including a switch of the Endowment Safe sole owner to a new timelock contract with a nine-day delay, where only the Foundation’s 3-of-5 multisig can propose transactions, and the Security Council can cancel queued actions on five of eight signatures.

The proposal also states that spending caps, budget bounds, and conflict-of-interest recusals are included in the proposal text but are not enforced by the code. The endowment itself holds roughly $65 million in ETH and stablecoins, and a nine-day delay applies only to the owner path rather than all module paths.

A calldata review by security firm Blockful found that two pre-existing module paths remain after the swap, including a Roles v2 module for day-to-day investment management and a Safe allowance module that provides the meta-governance working group multisig 30 ETH every 25 days. The same proposal transfers 1 million ENS to the Foundation Safe for employee compensation under a framework with multi-year vesting, which the outlet says is worth about $4.2 million at ENS’s current price.

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